Rand said the restructuring also allows debt service payments to remain within the six cents to $100 of assessed value on property that Peoria County voters approved to support county-run nursing home services in 2003.Ĭommittee chairman and county board vice chairman Jim Fennell agreed with Rand's assessment. And while not a core mission of our business, neither was Bel-Wood or Heddington.
We're going to help subsidize behavioral health in our community. "But the turnaround is we're going to be helped. "When we made that decision to stop the red ink, exit the business, we didn't know what we would be able to get for this," he said. But he said it's likely the best outcome as the county seeks to move on. The city had once intended to build a new city hall on the site.Ĭounty Board chairman Andrew Rand said it was a difficult decision to shut down the nursing home to stem its annual $2 to $3 million losses, and it's also difficult to dispose of the property for just $10 million. The proposed deal also authorizes the county to reacquire 0.93 acres of land from the city of West Peoria for $41,000.
He estimates the down payment will save Peoria County taxpayers around $19.3 million in interest payments. Without the $15.5 to $17.5 million cash deposit, the term of the new bonds would need to be extended out. Sorrel said the down payment allows the original 2011 term of the bonds to remain in place. About $37.2 million of principal remains on the $42 million bonds.
UNITY POINT METHODIST PEORIA PAYCHECK PLUS
Heading Ave., to Methodist for between $8 to $10 million, depending on the amount of state and federal funding that can be secured for the purchase.Ĭounty administrator Scott Sorrel said the sale funds, plus $7.5 million from the county general fund, would be used to pay down bond principal as the bonds are refinanced. The county board's finance audit and legislative affairs committee voted unanimously on Tuesday to allow the sale of the 16-acre property at 2223 W. If a sale is approved by the Peoria County Board later this month, UnityPoint Health-Methodist plans to convert part of the former Heddington Oaks nursing home in West Peoria into a behavioral health center for children and adolescents.
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